$AGR
Avangrid, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018010668 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.865B $1.758B
YoY Change 6.09% 5.27%
Cost Of Revenue $576.0M $465.0M
YoY Change 23.87% 8.64%
Gross Profit $1.289B $1.293B
YoY Change -0.31% 4.11%
Gross Profit Margin 69.12% 73.55%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $203.0M $197.0M
YoY Change 3.05% -3.9%
% of Gross Profit 15.75% 15.24%
Operating Expenses $881.0M $866.0M
YoY Change 1.73% -3.02%
Operating Profit $403.0M $427.0M
YoY Change -5.62% 22.35%
Interest Expense $74.00M $71.00M
YoY Change 4.23% -15.48%
% of Operating Profit 18.36% 16.63%
Other Income/Expense, Net -$21.00M -$16.00M
YoY Change 31.25% -132.65%
Pretax Income $310.0M $342.0M
YoY Change -9.36% 8.23%
Income Tax $72.00M $103.0M
% Of Pretax Income 23.23% 30.12%
Net Earnings $244.0M $239.0M
YoY Change 2.09% 12.21%
Net Earnings / Revenue 13.08% 13.59%
Basic Earnings Per Share $0.79 $0.77
Diluted Earnings Per Share $0.79 $0.77
COMMON SHARES
Basic Shares Outstanding 309.5M shares 309.5M
Diluted Shares Outstanding 309.8M shares 309.8M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $30.00M
YoY Change 33.33% -92.56%
Cash & Equivalents $40.00M $30.00M
Short-Term Investments
Other Short-Term Assets $640.0M $586.0M
YoY Change 9.22% 3.17%
Inventory $180.0M $348.0M
Prepaid Expenses
Receivables $1.113B $1.117B
Other Receivables $8.000M $17.00M
Total Short-Term Assets $1.981B $2.098B
YoY Change -5.58% -9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $22.76B $22.67B
YoY Change 0.39% 9.52%
Goodwill $3.127B $3.124B
YoY Change 0.1% 0.35%
Intangibles $327.0M $534.0M
YoY Change -38.76% -2.55%
Long-Term Investments $348.0M $352.0M
YoY Change -1.14% -2.22%
Other Assets $83.00M $215.0M
YoY Change -61.4% 298.15%
Total Long-Term Assets $29.50B $29.57B
YoY Change -0.24% 4.81%
TOTAL ASSETS
Total Short-Term Assets $1.981B $2.098B
Total Long-Term Assets $29.50B $29.57B
Total Assets $31.48B $31.67B
YoY Change -0.59% 3.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.00M $120.0M
YoY Change -45.83% 55.84%
Accrued Expenses $65.00M $65.00M
YoY Change 0.0% 6.56%
Deferred Revenue
YoY Change
Short-Term Debt $662.0M $367.0M
YoY Change 80.38% 12133.33%
Long-Term Debt Due $214.0M $325.0M
YoY Change -34.15% 95.78%
Total Short-Term Liabilities $2.716B $2.588B
YoY Change 4.95% 42.12%
LONG-TERM LIABILITIES
Long-Term Debt $5.160B $4.507B
YoY Change 14.49% -0.27%
Other Long-Term Liabilities $365.0M $354.0M
YoY Change 3.11% 12.74%
Total Long-Term Liabilities $13.45B $13.56B
YoY Change -0.8% -0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.716B $2.588B
Total Long-Term Liabilities $13.45B $13.56B
Total Liabilities $16.16B $16.14B
YoY Change 0.12% 4.73%
SHAREHOLDERS EQUITY
Retained Earnings $1.473B $1.649B
YoY Change -10.67% 7.99%
Common Stock $13.66B $13.66B
YoY Change 0.01% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $485.8K $485.8K
Shareholders Equity $15.17B $15.24B
YoY Change
Total Liabilities & Shareholders Equity $31.48B $31.40B
YoY Change 0.28% 2.81%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $244.0M $239.0M
YoY Change 2.09% 12.21%
Depreciation, Depletion And Amortization $203.0M $197.0M
YoY Change 3.05% -3.9%
Cash From Operating Activities $597.0M $441.0M
YoY Change 35.37% 11.08%
INVESTING ACTIVITIES
Capital Expenditures $399.0M $525.0M
YoY Change -24.0% 90.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.000M
YoY Change -100.0% -50.0%
Cash From Investing Activities -$323.0M -$514.0M
YoY Change -37.16% 155.72%
FINANCING ACTIVITIES
Cash Dividend Paid $134.0M $134.0M
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.000M $4.000M
YoY Change -50.0% -90.48%
Cash From Financing Activities -$275.0M 12.00M
YoY Change -2391.67% -105.45%
NET CHANGE
Cash From Operating Activities $597.0M 441.0M
Cash From Investing Activities -$323.0M -514.0M
Cash From Financing Activities -$275.0M 12.00M
Net Change In Cash -$1.000M -61.00M
YoY Change -98.36% 154.17%
FREE CASH FLOW
Cash From Operating Activities $597.0M $441.0M
Capital Expenditures $399.0M $525.0M
Free Cash Flow $198.0M -$84.00M
YoY Change -335.71% -169.42%

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CY2018Q1 us-gaap Nature Of Operations
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Background and Nature of Operations</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Avangrid, Inc., formerly Iberdrola USA, Inc. (AVANGRID, we or the Company), is an energy services holding company engaged in the regulated energy distribution business through its principal subsidiary Avangrid Networks, Inc. (Networks) and in the renewable energy generation and gas storage businesses through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables) and Enstor Gas, LLC (Gas). Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain, owns 81.5% the outstanding common stock of AVANGRID. The remaining outstanding shares are publicly traded on the New York Stock Exchange and owned by various shareholders. </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2017, management committed to a plan to sell the gas storage and trading businesses because they represent non-core businesses that were not aligned with our strategic objectives. As a result, we determined that the assets and liabilities associated with our gas trading and storage businesses met the criteria for classification as assets held for sale, but did not meet the criteria for classification as discontinued operations. On March 1, 2018, the Company closed a transaction to sell Enstor Energy Services, LLC, which operated AVANGRID&#8217;s gas trading business, to CCI U.S. Asset Holdings LLC, a subsidiary of Castleton Commodities International, LLC (CCI). On May 1, 2018 the Company closed a transaction to sell Enstor Gas, LLC, which operated AVANGRID&#8217;s gas storage business, to Amphora Gas Storage USA, LLC. Additional details on held for sale classification are provided in Note 20 to our condensed consolidated financial statements.</p></div>
CY2018Q1 us-gaap Basis Of Accounting
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<div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 2. Basis of Presentation</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying notes should be read in conjunction with the notes to the consolidated financial statements of Avangrid, Inc. and subsidiaries as of December&#160;31, 2017 and 2016 and for the three years ended December&#160;31, 2017 included in AVANGRID&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2017.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries Networks and ARHI. Intercompany accounts and transactions have been eliminated in consolidation. The year-end balance sheet data was derived from audited financial statements. The unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the interim condensed consolidated financial statements do not include all the information and note disclosures required by U.S.&#160;GAAP for complete financial statements.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We believe the disclosures made are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated balance sheets, condensed consolidated statements of income, comprehensive income, cash flows and changes in equity for the interim periods described herein. All such adjustments are of a normal and recurring nature, except as otherwise disclosed. The results for the three months ended March 31, 2018, are not necessarily indicative of the results for the entire fiscal year ending December&#160;31, 2018.</p></div>
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CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Other Comprehensive Income Loss
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CY2018Q1 agr Changes In Fair Value Derivatives Recognized In Regulatory Assets And Liabilities Net
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CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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CY2017Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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Transactions with delivery periods exceeding two years
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CY2018Q1 us-gaap Public Utilities Disclosure Of Rate Matters
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On June 19, 2014, the FERC issued its decision in Complaint I, establishing an ROE methodology and setting an issue for a paper hearing. On October 16, 2014, FERC issued its final decision in Complaint I setting the base ROE at 10.57% and a maximum total ROE of 11.74% (base plus incentive ROEs)
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CY2017Q4 us-gaap Loss Contingency Date Of Dismissal
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2017-10-05
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4
CY2018Q1 agr Loss Contingency Dismissal Description
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On October 5, 2017, the NETOs filed a Motion for Dismissal of Pancaked Return on Equity Complaints in light of the decision by the Court in April 2017 that became effective on June 8, 2017. The NETOs assert that all four complaints should be dismissed because the complainants have not shown that the existing ROE of 11.14% is unjust and unreasonable as the Court decision requires. In addition, the NETOs assert that Complaints II, III and IV should also be dismissed because the Court decision implicitly found that FERC’s acceptance of Pancaked FPA Section 206 complaints was statutorily improper as Congress intended that the 15-month refund period under Section 206 applies whenever FERC does not complete its review of a complaint within the 15-month period.
CY2018Q1 agr Price Of Power Purchase Agreements
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2200000000
CY2018Q1 agr Number Of Inactive Hazardous Waste Disposal Sites
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25
CY2018Q1 agr Number Of Sites Where Gas Was Manufactured In The Past
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53
CY2018Q1 agr Number Of Manufacturing Sites Consent Orders To Investigate And Remediate
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49
CY2018Q1 us-gaap Accrual For Environmental Loss Contingencies
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387000000
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389000000
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22000000
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9
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22000000
CY2018Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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46000000
CY2018Q1 us-gaap Treasury Stock Shares
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CY2017Q4 us-gaap Treasury Stock Shares
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CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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2
CY2018Q1 agr Regulated And Unregulated Operating Revenue Expense
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611000000
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CY2017Q1 us-gaap Property Plant And Equipment Net
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22669000000
CY2017Q1 us-gaap Equity Method Investments
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352000000
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CY2017Q4 us-gaap Deposits
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151000000
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194000000
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7767000000
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280000000
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276000000
CY2018Q1 agr Effective Income Tax Rate Before Elimination Of Unfunded Future Income Tax
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0.232
CY2017Q1 agr Effective Income Tax Rate Before Elimination Of Unfunded Future Income Tax
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0.301
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017Q1 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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14000000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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-100000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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5500000
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1432000000
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1441000000
CY2018Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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91000000
CY2017Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
185000000
CY2017 agr Upfront Cash Payments
UpfrontCashPayments
0
CY2018Q1 agr Severance Agreement Description
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The remaining costs for severance agreements are being accrued ratably over the remaining service periods, which span intermittent periods through December 2018.
CY2017Q4 us-gaap Restructuring Reserve
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5000000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
1000000
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
6000000

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